Net Asset Value(s)

Law Debenture Corp PLC

02 December 2024

 

The Law Debenture Corporation p.l.c.

Net Asset Value as at 29 November 2024

The Law Debenture Corporation p.l.c. announces that its Net Asset Value ("NAV") with borrowings at par and including the fair value of IPS business¹ on 29 November 2024 was 854.60 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 884.09 pence per share (cum income). The mid-market price at the close of business on 29 November 2024 was 894.00 pence per share.

Net Asset Value	Excluding Income (pence)	Including Income (pence)
NAV with debt at par	847.67	854.60
NAV with debt at fair value	877.16	884.09

Performance

	YTD %	1 year %	3 years %	5 years %	10 years %
NAV total return (with debt at par)2	14.1	20.0	21.2	52.0	119.8
NAV total return (with debt at fair value)2	14.1	18.6	32.2	65.4	133.2
FTSE Actuaries All-Share Index Total Return3	10.7	15.7	25.5	32.2	81.1
Share price total return3	15.0	19.2	33.4	82.3	147.9
Change in Retail Price Index4	3.1	3.6	24.3	34.3	52.0

¹ The fair value of the IPS business has been calculated as at 30 June 2024.

² NAV is calculated in accordance with the Association of Investment Companies (AIC) methodology, based on performance data held by Law Debenture including fair value of IPS business and long-term borrowings. NAV is shown with debt measured at par and with debt measured at fair value.

³ Share Price source: Refinitiv.

⁴ Source: Office for National Statistics, subject to latest published RPI, October 2024.

Geographical Split of investment portfolio

Region	% of portfolio 29 November 2024	% of portfolio 31 December 2023	% of portfolio 31 December 2022
UK	87.7	0	83.4
Europe	5.6	0	10.4
North America	5.6	0	5.1
Japan	1.1	0	1.1
Other	0	0	0
Other Pacific	0	0	0
TOTAL	100	100	100

Full Portfolio Listing

As at 29 November 2024 the full holdings of the portfolio comprised of the following:

Holding Name	Location	Sector	Industry	£000	%
Flutter Entertainment	UK	Consumer Services	Travel & leisure	43,220	4.13
HSBC	UK	Financials	Banks	31,774	3.04
Shell	UK	Oil & Gas	Oil & gas producers	31,638	3.02
Barclays	UK	Financials	Banks	30,601	2.92
Rolls Royce	UK	Industrials	Aerospace & defence	23,453	2.23
BP	UK	Oil & Gas	Oil & gas producers	21,922	2.09
GlaxoSmithKline	UK	Health Care	Pharmaceuticals & biotechnology	21,886	2.08
Marks & Spencer	UK	Consumer Services	General retailers	21,049	2.00
Tesco	UK	Consumer Goods	Food & Drug Retailers	18,513	1.76
Rio Tinto	UK	Basic Materials	Mining	18,499	1.76
Standard Chartered	UK	Financials	Banks	18,337	1.75
National Grid	UK	Utilities	Gas, water & multiutilities	16,785	1.60
NatWest	UK	Financials	Banks	16,108	1.53
BT Group	UK	Telecommunications	Fixed Line Telecommunications	15,532	1.48
Herald Investment Trust	UK	Financials	Equity investment instruments	14,070	1.34
J Sainsbury plc	UK	Consumer Services	General retailers	13,974	1.33
Anglo American	UK	Basic Materials	Mining	13,860	1.32
Cummins	USA	Industrials	Industrial engineering	13,837	1.32
Hill & Smith	UK	Industrials	Industrial engineering	13,711	1.31
Marshalls	UK	Industrials	Construction & materials	13,462	1.28
Senior	UK	Industrials	Aerospace & defence	13,060	1.24
Kier	UK	Industrials	Construction & materials	12,610	1.20
IMI	UK	Industrials	Industrial engineering	12,513	1.19
Balfour Beatty	UK	Industrials	Construction & materials	12,450	1.19
Aviva	UK	Financials	Life insurance/assurance	12,436	1.18
Shaftesbury Capital PLC	UK	Financials	Real estate investment trusts	12,294	1.17
Boku	UK	Industrials	Support services	12,235	1.17
Irish Continental Group	Ireland	Consumer Services	Travel & leisure	11,973	1.14
Land Securities	UK	Financials	Real estate investment trusts	11,901	1.13
M & G	UK	Financials	Financial services	11,892	1.13
Cranswick	UK	Consumer Goods	Food producers	11,853	1.13
Severn Trent	UK	Utilities	Gas, water & multiutilities	11,732	1.12
BAE Systems	UK	Industrials	Aerospace & defence	11,647	1.11
Kingfisher	UK	Consumer Goods	Household goods & home construction	11,255	1.07
Morgan Advanced Materials	UK	Industrials	Electronic & electrical equipment	11,241	1.07
Toyota Motor Corporation	Japan	Consumer Goods	Automobiles & parts	11,031	1.05
ITV	UK	Consumer Services	Media	10,716	1.02
Ibstock	UK	Industrials	Construction & materials	10,514	1.00
Babcock	UK	Industrials	Aerospace & defence	9,885	0.94
Oxford Nanopore Technologies	UK	Technology	Advanced Medical Equipment & Technology	9,850	0.94
Prudential Corp	UK	Financials	Life insurance/assurance	9,842	0.94
Hiscox	UK	Financials	Nonlife insurance	9,498	0.90
Johnson Service Group	UK	Industrials	Support services	9,488	0.90
Dunelm	UK	Consumer Services	General retailers	9,487	0.90
Schroders PLC	UK	Financials	Equity investment instruments	8,983	0.86
Scottish Oriental Small Co	UK	Financials	Equity investment instruments	8,971	0.85
International Consolidated Airlines	UK	Consumer Services	Travel & leisure	8,962	0.85
General Motors	USA	Consumer Goods	Automobiles & parts	8,297	0.79
Smith & Nephew	UK	Health Care	Health care equipment & services	8,174	0.78
Ceres Power	UK	Oil & Gas	Oil equipment services & distribution	8,081	0.77
Hammerson	UK	Financials	Real estate investment trusts	7,867	0.75
Vodafone	UK	Telecommunications	Mobile telecommunications	7,797	0.74
Dowlais Group plc	UK	Consumer Goods	Automobiles & parts	7,690	0.73
Bristol-Myers Squibb	USA	Health Care	Pharmaceuticals & biotechnology	7,672	0.73
Haleon	UK	Health Care	Pharmaceuticals & biotechnology	7,486	0.71
WPP LLP	UK	Consumer Services	Media	7,303	0.70
Phoenix Group Holdings	UK	Financials	Life insurance/assurance	7,196	0.69
IP Group	UK	Financials	Financial services	6,968	0.66
Freeport-McMoran Inc	USA	Basic Materials	Mining	6,947	0.66
AFC Energy	UK	Oil & Gas	Alternative Energy	6,886	0.66
VH Global Sustainable Energy Opportunities	UK	Other	Sustainable Energy	6,820	0.65
International Personal Finance	UK	Financials	Financial services	6,798	0.65
Johnson Matthey	UK	Other	Sustainable Energy	6,795	0.65
Weir Group	UK	Industrials	Industrial engineering	6,666	0.63
Beazley PLC (UK)	UK	Financials	Nonlife insurance	6,596	0.63
Air Products and Chemicals	Canada	Oil & Gas	Oil & gas producers	6,562	0.63
Gibson Energy	Canada	Oil & Gas	Oil & gas producers	6,174	0.59
Spectris	UK	Industrials	Electronic & electrical equipment	6,009	0.57
Elementis	UK	Basic Materials	Chemicals	5,989	0.57
Whitbread PLC	Canada	Consumer Services	Travel & leisure	5,985	0.57
Sabre Insurance Group PLC	UK	Financials	Nonlife insurance	5,904	0.56
Workspace Group PLC	UK	Financials	Real estate investment trusts	5,630	0.54
SSE	UK	Utilities	Electricity	5,315	0.51
Epwin Group	UK	Consumer Goods	Household goods & home construction	5,263	0.50
Chesnara	UK	Financials	Life insurance/assurance	5,249	0.50
Reach	UK	Consumer Services	Media	5,138	0.49
Inchcape	UK	Industrials	Support services	5,005	0.48
SigmaRoc	UK	Industrials	Construction & materials	4,930	0.47
Halfords	UK	Consumer Services	General retailers	4,884	0.47
Oxford Sciences Innovation	UKULM	Financials	Financial services	4,767	0.45
Accsys Technologies	UK	Industrials	Construction & materials	4,651	0.44
Zigup	UK	Industrials	Support services	4,430	0.42
Next Fifteen Communications Group	UK	Consumer Services	Media	4,275	0.41
Centrica	UK	Utilities	Gas, water & multiutilities	4,204	0.40
Vertu Motors	UK	Consumer Services	General retailers	4,044	0.39
Castings	UK	Industrials	Construction & materials	4,021	0.38
TT Electronics	UK	Industrials	Electronic & electrical equipment	4,018	0.38
Bellway	UK	Consumer Goods	Household goods & home construction	3,762	0.36
XP Power Ltd	UK	Technology	Technology hardware & equipment	3,537	0.34
Convatec Group	UK	Health Care	Health care equipment & services	3,534	0.34
Ricardo	UK	Industrials	Support services	3,353	0.32
Novo Nordisk	Denmark	Health Care	Pharmaceuticals & biotechnology	3,117	0.30
Vanquis Banking Group	UK	Financials	Financial services	3,072	0.29
Renold	UK	Industrials	Industrial engineering	3,048	0.29
Grit Real Estate Income Group	Guernsey	Financials	Real estate investment trusts	3,020	0.29
Ondine Biomedical Inc.	Canada	Health Care	Pharmaceuticals & biotechnology	2,853	0.27
ITM Power	UK	Oil & Gas	Oil equipment services & distribution	2,839	0.27
Munchener Rueckver	Germany	Financials	Nonlife insurance	2,745	0.26
SAP	Germany	Technology	Software & computer services	2,729	0.26
Jubilee Metals Group	UK	Basic Materials	Mining	2,664	0.25
UniCredit	Italy	Financials	Banks	2,430	0.23
Siemens AG	Germany	Technology	Software & computer services	2,419	0.23
DVS A/S	Denmark	Industrials	Industrial transportation	2,341	0.22
Sanofi	France	Health Care	Pharmaceuticals & biotechnology	2,335	0.22
Safran SA	France	Industrials	Aerospace & defence	2,252	0.21
Serica Energy	UK	Oil & Gas	Oil & gas producers	2,251	0.21
Deutsche Boerse	Germany	Financials	Financial services	2,154	0.21
Roche	Switzerland	Health Care	Pharmaceuticals & biotechnology	2,138	0.20
Cellnex Telecom	Spain	Telecommunications	Mobile telecommunications	1,880	0.18
Invinity Energy Systems	UK	Oil & Gas	Alternative Energy	1,862	0.18
SGS SA	Switzerland	Industrials	Support services	1,810	0.17
Great Portland Estates	UK	Financials	Real estate investments & services	1,809	0.17
ASML	Netherlands	Technology	Technology hardware & equipment	1,767	0.17
Hercules Site Services Plc	UK	Industrials	Construction & materials	1,737	0.17
Windar Photonics Plc	UK	Industrials	Waste & Environ Svcs & Equip	1,630	0.16
Bawag	Austria	Financials	Banks	1,595	0.15
Gelion	UK	Other	Sustainable Energy	1,573	0.15
Anheuser-Busch InBev	Belgium	Consumer Goods	Beverages	1,510	0.14
Marstons	UK	Consumer Services	Travel & leisure	1,428	0.14
LVMH	France	Consumer Goods	Leisure Goods	1,390	0.13
Infineon Technologies AG	Germany	Industrials	Electronic & electrical equipment	1,360	0.13
Nestle	Switzerland	Consumer Goods	Food producers	1,341	0.13
Danone SA	France	Consumer Goods	Food producers	1,319	0.13
Watkin Jones	UK	Consumer Goods	Household goods & home construction	1,314	0.13
DSM-Firmenich AG	Netherlands	Basic Materials	Chemicals	1,302	0.12
Aena SME	Spain	Consumer Services	Travel & leisure	1,096	0.10
Arbuthnot Banking Group	UK	Financials	Financial services	1,094	0.10
ASM International NV	Netherlands	Industrials	Electronic & electrical equipment	937	0.09
Ilika	UK	Oil & Gas	Alternative Energy	917	0.09
Kone Oyj	Finland	Industrials	Electronic & electrical equipment	905	0.09
Syensqo SA	Belgium	Basic Materials	Chemicals	883	0.08
Logistics Development Group	UK	Industrials	Industrial transportation	842	0.08
First Tin	UK	Basic Materials	Mining	636	0.06
Longboat Energy	UK	Oil & Gas	Oil & gas producers	510	0.05
Kistos	UK	Oil & Gas	Oil & gas producers	495	0.05
Carclo	UK	Basic Materials	Chemicals	403	0.04
SIMEC Atlantis Energy	UK	Utilities	Electricity	325	0.03
Surface Transforms	UK	Consumer Goods	Automobiles & parts	152	0.01
Indus Gas	UK	Oil & Gas	Oil & gas producers	124	0.01
Deltic Energy	UK	Oil & Gas	Oil & gas producers	103	0.01
LDIC Investments	UK	Financials	Financial services	100	0.01
Better Cap	UK	Financials	Equity investment instruments	25
Allied Minds	UK	Financials	Financial services
Saietta Group	UK	Consumer Goods	Automobiles & parts

In accordance with UK listing rule 11.7.8, The Law Debenture Corporation p.l.c. announces that it has no investments in other UK listed closed-ended investment funds that require to be disclosed.

Released by The Law Debenture Corporation p.l.c., 8th Floor, 100 Bishopsgate, London, EC2N 4AG (contact Nicola Lambourne, Company Secretariat, 020 7606 5451).

The Law Debenture Corporation p.l.c. LEI number - 2138006E39QX7XV6PP21

 

END